Earnings Per Share

9 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHAREThe Company computes earnings per share (“EPS”) of the Company's Common Stock using the two-class method required due to the participating nature of the Series A Preferred Stock (as defined and discussed in Note 14, Redeemable Preferred Stock—Series A Preferred). Diluted net income per share is computed using the weighted average number of shares of Common Stock outstanding plus the weighted average number of shares of Common Stock that would be issued assuming exercise or conversion of all potentially dilutive instruments. Dilutive securities having an anti-dilutive effect on diluted net income per share are excluded from the calculation. The dilutive effect of the securities that are issuable under the Company’s equity incentive plans are reflected in diluted earnings per share by application of the treasury stock method. The reconciliations between basic and diluted earnings per share attributable to Catalent common shareholders for the three and nine months ended March 31, 2020 and 2019, respectively, are as follows (in millions, except share and per share data):

	Three Months Ended   March 31,				Nine Months Ended   March 31,
	2020		2019		2020		2019
Net earnings	$	20.9	$	31.7	$	66.5	$	66.3
Less: Net earnings attributable to preferred shareholders	(9.1)		—		(27.8)		—
Net earnings attributable to common shareholders	$	11.8	$	31.7	$	38.7	$	66.3
Weighted average shares outstanding	151,267,795		145,145,310		147,647,548		143,896,635
Weighted average dilutive securities issuable-stock plans	1,787,847		1,612,961		1,843,559		1,696,575
Total weighted average diluted shares outstanding	153,055,642		146,758,271		149,491,107		145,593,210
Earnings per share:
Basic	$	0.08	$	0.22	$	0.26	$	0.46
Diluted	$	0.08	$	0.22	$	0.26	$	0.46

The computations of diluted earnings per share for the three and nine months ended March 31, 2020 excludes the effect of potential common shares issuable under employee-held stock options and restricted stock units of approximately 0.5 million and 0.6 million, respectively, because they are anti-dilutive. The computations of diluted earnings per share for the three and nine months ended March 31, 2019 excludes the effect of potential common shares issuable under employee-held stock options and restricted stock units of approximately 1.1 million and 1.0 million, respectively, because they are anti-dilutive. Further, the computation of diluted earnings per share for the three and nine months ended March 31, 2020, respectively, excludes the effect of approximately 13.1 million “if-converted” shares of Common Stock potentially issuable on the conversion of Series A Preferred Stock, as those shares would be anti-dilutive.